本周，食品巨头玛氏（Mars）宣布完成对品客薯片母公司Kellanova的收购，总价约359亿美元（约合2534亿元人民币），一举成为今年全球食品业最大收 购案。 这意味着，你熟悉的德芙和品客薯片成了一家人。买方玛氏，拥有德芙、箭牌、士力架等品牌；卖方在国内最为知名的品牌是品客薯片和家乐氏麦片。 诞生于1968年，品客薯片是世界上首款罐装薯片品牌，曾因小龙虾、凡士林味、盲盒口味等网红怪味薯片风靡社交媒体。 这一次玛氏豪掷千亿，再次印 证了眼下全球大并购的火热景象。 薯片一哥易主 刷新历史 这笔收购筹划已久。 尘埃落定。 去年8月，玛氏发布公告称，以每股83.50美元的价格现金收购Kellanova，收购总价高达359亿美元（约合2534亿元人民币）。 直到今年12月，监管部门通过了这项收购案。根据条款，交易完成之日，Kellanova从纽交所退市，目前公司总市值约为290.3亿美元（约合2045亿元人民 币）。 对于国内消费者而言，品客薯片是Kellanova最为人熟知的品牌，却来源于一笔收购。 早在1965年，美国有机化学家Fredric Baur给宝洁公司提了个绝妙的想法——把薯片做成不易碎的"双曲抛物面 ...

Group 1 - Mars has completed the acquisition of Kellanova, the parent company of Pringles, for approximately $35.9 billion (about 253.4 billion RMB), marking the largest food industry acquisition of the year [2][5] - The acquisition signifies the merging of well-known brands, with Mars owning brands like Dove and Snickers, while Kellanova is recognized for Pringles and Kellogg's cereals [2][4] - The deal was in the works for a long time, with regulatory approval received in December, leading to Kellanova's delisting from the New York Stock Exchange [5][6] Group 2 - Pringles, launched in 1968, was the first canned potato chip brand and gained popularity through unique flavors and marketing strategies [4][6] - The brand initially struggled in sales but became a hit in the 1980s after taste adjustments and effective advertising [6] - Kellanova's history dates back to 1894, and it became the second-largest snack company globally after acquiring Pringles from Procter & Gamble for $26.95 billion (about 188 billion RMB) in 2012 [6][7] Group 3 - Mars CEO Paul Wehrrauch described the acquisition as historic, emphasizing the opportunity for innovation and reaching more consumers [7] - Mars is a well-known company with a diverse portfolio, including brands like M&M's and Skittles, and has a history of significant acquisitions [8][9] - The acquisition is expected to boost Mars' snack food business revenue to approximately $36 billion, positioning it as the third-largest player in the global snack industry [9] Group 4 - The article highlights a broader trend of mergers and acquisitions in the consumer sector, with companies like Starbucks and Burger King also engaging in strategic partnerships and sales [10][12] - The competitive landscape in the consumer market is prompting brands to adjust strategies, with many familiar brands choosing to sell parts of their businesses [13] - The food and beverage sector is viewed as resilient and attractive for investment, especially during economic fluctuations, leading to increased merger activity [13]

来源：21世纪经济报道 记者丨陈归辞 刘婧汐 编辑丨陶力 两大巨头"强强联手"，全球史上最大食品收购案之一落定。 当地时间12月11日，全球食品巨头玛氏公司宣布完成对品客薯片母公司Kellanova的收购。同日，Kellanova从纽约证券交易所退市，玛氏正式启用休闲食 品业务的全新logo，融入了新成员Kellanova的特色。 此前，2024年8月14日，玛氏宣布与Kellanova达成最终协议，将以每股83.50美元价格收购Kellanova，总对价359亿美元（约合人民币2534亿元），交易价 格较彼时Kellanova 30个交易日的加权平均成交价溢价约44%。该交易于2024年11月获得Kellanova股东的批准，并于2025年12月8日获得所有所需的监管批 准。 玛氏预计，合并后的休闲食品业务年收入将达到约360亿美元，并将拥有9个年销售额超过十亿美元的品牌，其中包含Kellanova家乐氏、品客和Cheez-lt。 品类互补，玛氏扩张零食业务版图 退市前，Kellanova的总市值为290.3亿美元，低于359亿美元的收购对价。 玛氏方面对21世纪经济报道记者表示，"玛氏和Kellanova ...

Core Viewpoint - The acquisition of Kellanova by Mars represents one of the largest food deals in history, enhancing Mars' position in the snack food industry and expanding its product portfolio significantly [1][2]. Group 1: Acquisition Details - Mars announced the acquisition of Kellanova for $83.50 per share, totaling approximately $35.9 billion (around 253.4 billion RMB), which is a 44% premium over Kellanova's 30-day weighted average share price prior to the announcement [2]. - Kellanova's market capitalization was $29.03 billion before its delisting, which is lower than the acquisition price [2]. - The deal was approved by Kellanova's shareholders in November 2024 and received all necessary regulatory approvals by December 2025 [2]. Group 2: Financial Performance - Kellanova reported an organic sales revenue of $13.81 billion for 2024, with a year-on-year growth of 5.6%, while its adjusted operating profit was $1.9 billion, up 17.3% [4]. - In the first three quarters of 2024, Kellanova's organic sales revenue was $9.64 billion, showing a modest growth of 0.2%, and its adjusted operating profit was $1.39 billion, down 4.1% year-on-year [4]. Group 3: Strategic Implications - The acquisition will increase Mars' snack business revenue to approximately $36 billion, with nine brands generating over $1 billion in annual sales, including Pringles, Cheez-It, and Kellanova's brands [5]. - The merger allows Mars to enter new categories such as cereals and healthy snacks, complementing its existing product lines, which include brands like Snickers, M&M's, and Dove [7]. - Mars aims to enhance its market coverage and competitiveness through this acquisition, leveraging the strengths of both companies to shape the future of the snack food industry [7]. Group 4: Recent Acquisitions - Since 2020, Mars has been actively expanding its snack business through several acquisitions, including KIND North America, Trü Frü, Nature's Bakery, Hotel Chocolat, and Kevin's Natural Foods [8]. - In the pet care sector, Mars has also acquired veterinary product suppliers to strengthen its service capabilities in pet health [9].

（原标题：359亿美元天价收购案背后：玛氏构建零食超级"王国"） 21世纪经济报道记者 陈归辞 刘婧汐 两大巨头"强强联手"，全球史上最大食品收购案之一落定。 当地时间12月11日，全球食品巨头玛氏公司宣布完成对品客薯片母公司Kellanova的收购。同日， Kellanova从纽约证券交易所退市，玛氏正式启用休闲食品业务的全新logo，融入了新成员Kellanova的特 色。 此前，2024年8月14日，玛氏宣布与Kellanova达成最终协议，将以每股83.50美元价格收购Kellanova，总 对价359亿美元，交易价格较彼时Kellanova 30个交易日的加权平均成交价溢价约44%。该交易于2024年 11月获得Kellanova股东的批准，并于2025年12月8日获得所有所需的监管批准。 退市前，Kellanova的总市值为290.3亿美元，低于359亿美元的收购对价。 玛氏方面对21世纪经济报道记者表示，"玛氏和Kellanova都是价值导向、使命领航的企业，都拥有逾百 年的历史，打造了许多全球知名和深受喜爱的品牌。这一结合将汇聚双方标志性品牌、深厚传承和卓越 能力，共同塑造休闲食品行业的未来。 ...

Core Viewpoint - Mars and Ferrero are preparing to raise prices on their chocolate products due to soaring cocoa prices, with Mars increasing prices by 4.9% to 15% on certain items, while Ferrero plans a slight increase for its Kinder brand in June as part of operational adjustments [1][2][4]. Group 1: Price Increases - Mars has confirmed price increases on certain products, with a range of 4.9% to 15% [4]. - Ferrero's Kinder chocolate products will see a slight price adjustment in June, attributed to market conditions [2][4]. - Other chocolate brands are also planning price hikes due to rising raw material costs, indicating a broader trend in the industry [6]. Group 2: Market Context - The chocolate market in China is projected to reach approximately 23 billion yuan in 2024, with Mars and Ferrero holding over 60% market share [2]. - Cocoa prices have surged significantly, with futures rising from about $3,600 per ton at the beginning of 2024 to approximately $11,200 per ton by December 2024 [7]. - The average trading reference price for cocoa was reported at $8,400.6 per ton as of May 6, 2024, down from $11,984 per ton in December 2023, but still high compared to $4,200 per ton at the start of 2024 [8]. Group 3: Industry Response - Major chocolate brands like Hershey and Mondelez have also raised prices in response to cocoa cost increases, with Hershey indicating that price hikes contributed to sales growth [11]. - Nestlé has reported price increases for its KitKat and Nespresso brands to counter rising coffee and cocoa costs [11]. - The overall chocolate market is experiencing pressure to raise prices as brands deplete their stockpiled cocoa from previous years, leading to a widespread adjustment in pricing strategies [8][11].

Core Viewpoint - The acquisition of Kellanova by Mars signifies a strategic shift for the candy giant towards a comprehensive snack portfolio, aiming to enhance its market presence in the snack food sector [3][4]. Group 1: Acquisition Details - Mars announced the issuance of investment-grade bonds worth $26 billion (approximately 188.5 billion RMB) to finance the acquisition of Kellanova, which is the largest acquisition in Mars' history and the biggest merger financing deal since 2024 [2][4]. - The acquisition will fully integrate Kellanova into Mars' Snacking division, with Andrew Clarke, the global president of Mars Snacking, leading the merged operations [4][5]. - Kellanova, a subsidiary of Kellogg's, generated net sales of $13 billion in 2023 and includes brands like Pringles and Cheez-It, which will complement Mars' existing product lines [5][6]. Group 2: Strategic Implications - The merger is expected to help Mars achieve its goal of doubling its snack business over the next decade by entering attractive new snack categories [7]. - The acquisition aligns with a trend among major food companies to expand their product lines through acquisitions, as seen in Mars' previous successful ventures in the pet food sector [7]. - Mars aims to leverage its extensive distribution channels in China to enhance the sales of both sweet and savory snacks post-acquisition [7][11]. Group 3: Market Context - The Chinese candy market is experiencing a decline, with a market size of 599.9 billion RMB in 2022, showing a decrease of 11.1% and 8.7% in 2020 and 2022, respectively [10]. - Mars faces stiff competition in the Chinese market, holding only a 7.9% market share in the first quarter of 2024, with significant competition from local brands [10][12]. - The acquisition of Kellanova's health-oriented brands like RXBAR and NutriGrain is seen as crucial for Mars to adapt to changing consumer preferences towards healthier snack options [11].